Bill Text: IL HB5072 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Provides that the live theater production credit applies for tax years beginning prior to January 1, 2029 (currently, January 1, 2022). Effective immediately.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2020-06-23 - Rule 19(b) / Re-referred to Rules Committee [HB5072 Detail]

Download: Illinois-2019-HB5072-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 HB5072 Introduced , by Rep. Emanuel Chris Welch SYNOPSIS AS INTRODUCED:
35 ILCS 5/222
Amends the Illinois Income Tax Act. Provides that the live theater production credit applies for tax years beginning prior to January 1, 2029 (currently, January 1, 2022). Effective immediately.
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FISCAL NOTE ACT MAY APPLY
A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Income Tax Act is amended by
changing Section 222 as follows:
(35 ILCS 5/222)
Sec. 222. Live theater production credit.
(a) For tax years beginning on or after January 1, 2012 and
beginning prior to January 1, 2029 January 1, 2022, a taxpayer
who has received a tax credit award under the Live Theater
Production Tax Credit Act is entitled to a credit against the
taxes imposed under subsections (a) and (b) of Section 201 of
this Act in an amount determined under that Act by the
Department of Commerce and Economic Opportunity.
(b) If the taxpayer is a partnership, limited liability
partnership, limited liability company, or Subchapter S
corporation, the tax credit award is allowed to the partners,
unit holders, or shareholders in accordance with the
determination of income and distributive share of income under
Sections 702 and 704 and Subchapter S of the Internal Revenue
Code.
(c) A sale, assignment, or transfer of the tax credit award
may be made by the taxpayer earning the credit within one year

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after the credit is awarded in accordance with rules adopted by
the Department of Commerce and Economic Opportunity.
(d) The Department of Revenue, in cooperation with the
Department of Commerce and Economic Opportunity, shall adopt
rules to enforce and administer the provisions of this Section.
(e) The tax credit award may not be carried back. If the
amount of the credit exceeds the tax liability for the year,
the excess may be carried forward and applied to the tax
liability of the 5 tax years following the excess credit year.
The tax credit award shall be applied to the earliest year for
which there is a tax liability. If there are credits from more
than one tax year that are available to offset liability, the
earlier credit shall be applied first. In no event may a credit
under this Section reduce the taxpayer's liability to less than
zero.
(Source: P.A. 100-415, eff. 1-1-18.)
Section 99. Effective date. This Act takes effect upon
becoming law.